Health Catalyst upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Stan Berenshteyn upgraded Health Catalyst to Overweight from Equal Weight with a price target of $16, up from $13. The analyst likes the risk/reward setup, saying the shares appear to price in the Services revenue mix dynamic consensus had missed ahead of Q4. Health Catalyst shares should work on improving fundamentals, which appear sustainable based on Wells’ survey, the analyst tells investors in a research note. The firm believes 2023 is shaping up to be a "recovery year" as Health Catalyst reported "several positive developments," including guiding year-over-year growth of net dollar retention and DOS customers in 2023. Its health system survey also points to a "healthy sales pipeline."